It's in the bag -- Quinn backs Musgrave takeover
Published 16/08/2011 | 05:00
MUSGRAVE Group's controversial takeover of Superquinn was all but sealed yesterday after the deal received the blessing of Superquinn founder Feargal Quinn.
Mr Quinn, who sold out of the business for more than €400m in 2005, said he was "delighted" to see the chain remain in Irish ownership.
"Having built the Superquinn business and watch it grow throughout the years, I was delighted to see that the Musgrave Group, a strong, Irish family owned business is to take over the Superquinn chain," he said.
The Independent senator added that he was "heartened to see that Musgrave Group have come up with a solution to address the financial concerns of suppliers".
The group has set up a fund which should see suppliers reimbursed to the tune of 70pc for debts they were owed by the supermarket before it collapsed.
Mr Quinn added that he hoped Superquinn would remain "a separate entity with its own traditions and reputation for unrivalled quality and customer service being retained".
The Musgrave Group already controls SuperValu and Centra stores in the Republic.
"It's business as usual at Superquinn, and I would love to think that customers will continue to show their loyalty to Superquinn by shopping here as I do," Mr Quinn added.
The collapse of Superquinn into receivership and ensuing buyout by Musgraves has been one of the more contentious takeovers in Irish business this year, with Superquinn management attempting to put the company into examinership, apparently in an effort to avoid selling to Musgrave. That application was later withdrawn.